Policy paper

Finance Bill 2025-26: Report Stage

Explanatory Notes and Tax Information and Impact Note for government amendments in Report Stage of Finance Bill 2025-26.

From:
HM Revenue & Customs
Published
9 March 2026

Documents

Abolition of Lifetime Allowance — amendment of power to make further regulations

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Amendment 14 to clause 24: umbrella companies

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Amendments 15 to 17 to clause 63: tax to be charged on certain pension interests

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Amendments 18 to 20 to clause 64: liability for tax on pension interests

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Amendments 21 to 30 to clause 65: withholding of benefits and payment of tax by pension scheme administrator

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Amendments 31 to 33 to clause 66: connected amendments to Inheritance Tax Act 1984

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Amendments 34 to 47 to clause 67: connected amendments to income tax rules

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Amendments 48 to 52 to clause 43 and schedule 3: non-resident, and previously non-domiciled individuals

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Amendments 54 to 66 to clause 62 and schedule 12: agricultural property relief and business property relief

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New clause 5: offshore income gains

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New clause 6: offshore income gains: savings

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New clause 7: Lifetime Allowance abolition — amendment of power to make further regulations

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Details

The government tabled the following amendments for the Report Stage of Finance Bill 2025-26, that need the following updated explanatory notes and tax information and impact note:

  • Abolition of Lifetime Allowance — amendment of power to make further regulations
  • Amendment 14 to clause 24: umbrella companies
  • Amendments 15 to 17 to clause 63: tax to be charged on certain pension interests
  • Amendments 18 to 20 to clause 64: liability for tax on pension interests
  • Amendments 21 to 30 to clause 65: withholding of benefits and payment of tax by pension scheme administrator
  • Amendments 31 to 33 to clause 66: connected amendments to Inheritance Tax Act 1984
  • Amendments 34 to 47 to clause 67: connected amendments to income tax rules
  • Amendments 48 to 52 to clause 43 and schedule 3: non-resident, and previously non-domiciled individuals
  • Amendments 54 to 66 to clause 62 and schedule 12: agricultural property relief and business property relief
  • New clause 5: offshore income gains
  • New clause 6: offshore income gains: savings
  • New clause 7:  Lifetime Allowance abolition — amendment of power to make further regulations

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Published 9 March 2026

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